South Lake Tahoe Monthly Market Update, October 2022
As we approach the end of 2022, housing experts maintain a watchful eye on the economy, which is still being pulled in all directions by stubbornly high inflation, rising interest rates, the war in Ukraine and Covid-19, to name a few. While housing has been the star of the U.S. economy the last few years, there are signs of wear. For instance, the 30-year fixed mortgage rate hitting a 20-year high at 7.08% by late October, making it harder for buyers to access affordable housing.
Housing inventory remains near historical lows, which has held up demand when compared to other downturns and therefore, prices. The current lack of supply underscores the vast contrast with the previous major market downturn from 2008 to 2010, when inventory levels were four times higher than they are today.
Trying to time the market or predict what might happen next year is not the best homebuying strategy. Instead, it’s better to buy based on your budget and needs. If you find a home you love in an area you love and it also fits your budget, then chances are it might be right for you. The housing market isn’t known for being easy to predict. That’s why, whether you're buying or selling, it pays to have a professional in your corner who knows how to navigate a changing real estate market.
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Avg Days on Mkt
Stats Comparison from a Year Ago
South Lake Tahoe CA
- Median Sales Price - October 2022$707,500
- Median Sales Price - October 2021$604,000
- Number of Homes Sold - October 202252
- Number of Homes Sold - October 202153
- New Listings - October 202242
- New Listings - October 202179
- Total Number of Homes on the Market - October 2022129
- Total Number of Homes on the Market - October 2021116
- Number of Homes Under Contract - October 202238
- Number of Homes Under Contract - October 202165
- Average Days on the Market - October 2022101
- Average Days on the Market - October 202176
- Number of Foreclosure Homes on The Market - October 20220
- Number of Foreclosure Homes on The Market - October 20210
- Number of Short Sale Homes on The Market - October 20221
- Number of Short Sale Homes on The Market - October 20210
This Month’s Must See Home for Sale
The choice for October's must-see home of the month is 1200 Wildwood Ave #43, listed at $425,000. This property was built in 1972 and it features 2 Bedrooms / 1.5 Bathrooms / 936 Sq Ft. Beautifully remodeled condo located only minutes from Heavenly Ski Resort's California Lodge, the Heavenly Village gondola, shops, restaurants, casinos, and the shores of Lake Tahoe. Features include free standing gas fireplace, Thomasville cabinetry, Silestone countertops, extra deep under mount Blanco sink made of heat, stain, rust, scratch and impact resistant Siligranit, LG stainless steel appliances, wainscoting, high-end water-proof laminate flooring which includes Floor Muffler padding for noise cancellation and a lifetime warranty. The townhouse style condo has a covered carport directly below the unit, large, locked storage closet, and additional guest parking. This unit is situated at the back of the complex which allows for beautiful views of the trees from the Living Room and bedroom.
This Month’s Most Expensive Home for Sale
The most expensive new listing that entered the market this month was 548 Lucerne Way, listed at $3,795,000. This home was built in 1999 and it features 3 Bedrooms / 4.5 Bathrooms / 3,339 Sq Ft / 2 Car Garage. This west-facing 165' waterfront home with your own private beach and nearly direct lake access on one of the Tahoe Keys largest lots offers spectacular views. Designed for entertaining and family, expansive great room with extra high ceilings. Living room boast a 2 story architectural fireplace. 2 story floor to ceiling glass view overlooking the water. Gourmet chef's kitchen and adjacent dining area under a circular open beam ceiling, wide views from every every seat of the table. Upstairs has two large bedrooms which also feature circular open beam ceilings. The media/family room has custom built-ins can be converted to a bedroom with minimal change.
This Month’s Least Expensive Home for Sale
The least expensive new listing that entered the market this month was a condo at 516 Emerald Bay Rd #233, listed at $320,000. This property was built in 1972 and features 2 Bedrooms / 1 Bathroom / 912 Sq Ft. This St. Francis of the Wood's condominium is a great fit for someone who enjoys care free ownership and an outdoor lifestyle. Newer appliances including front loading washer/dryer. Durable engineered flooring that brings warmth to the unit and matches well with everything. Updated Kitchen and bathroom with tasteful colors and lots of roomy cabinets. You are just minutes away from all the best beaches that Tahoe has to offer plus steps away from one of the more superior trail systems that will drop you into the Fallen Leaf Lake area.
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